French bank Societe Generale said on Friday it had reached a deal with Atlantic Financial Group for the sale of a 57.93% stake in its Guinean unit.
Chief Executive Slawomir Krupa has pledged to boost profit and capital by cutting costs and shedding some non-core assets to improve Societe Generale’s overall performance.
In early August, the bank said it agreed to sell UK, Swiss private bank units for about $1 billion.
In April, it said it struck a deal to offload its professional equipment financing business for 1.1 billion euros ($1.23 billion) and its Moroccan units stakes for 745 mln euros.
Societe Generale to sell two units to Swiss bank UBP for 900mn euros
The bank did not disclose the financial terms of the sale of its Guinean division. It said in a statement the sale would have a positive impact of around 2 basis points on its CET1 ratio on the expected completion date, which could take place by the end of the first quarter of 2025.
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